Daily Market Report (7 May 2021)
- Wall Street ended higher with the Dow registered back-to-back record closes supported by strong corporate earnings and while investors are expecting continuous improvement in the US job market.
- The DJIA jumped 318.19 points, or 0.9% to close at 34,548.53. The S&P 500 rose 0.8% to 4,201.62 while Nasdaq erased earlier losses and gained 0.4% to 13,632.84.
- Key regional indices also ended in positive note after strong rally in US stock market earlier.
- Back home, stocks rebounded after mid-day break mainly due to some bargain hunting activities.
- The FBM KLCI ended 2.66 points higher to close at 1,578.33.
- We expect the local market to remain in consolidation mode due to lack of catalysts and expect the FBM KLCI to hover in the range of 1,575-1,585.
